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Tuesday, January 24, 2012

Obamaville January 24 - The Millionaire's Club

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With the President about to come on television and give his State of the Union address tonight I need to get a few thoughts on paper regarding the presidential c ampaign.

Last night we had the 18th out of what seems like 40-50 potential debates between the GOP candidates and if nothing else, it was quiet by comparison to the others.What a change when the normally rowdy audience has to be quiet.It was like March Madness without cheerleaders.Eerie...

In the last 24 hours Gingrich released his contract with Fannie Mae and Romney released his taxes for two years.Considering the massive hype by the media in demanding the information, most analysts had no clue how to analyze the information.How could they, they didn't know anyone but Buffett could make that many millions a year.

It seems it took about 400 pages for the Romney taxes to get done under the existing tax laws and the jealously among liberal pundits was obvious.After reviewing the material all day they are still distorting the information, twisting the facts and mangling the analysis.

Of course that is minor compared to the outright lies by Democratic spokespeople but lies have become institutionalized under the current Administration.So let me just ask this because I think Obama is a nice guy but ill-prepared to be president, and that is after three years on the job.

Why is it nearly every single Obama economic policy staff member he brought into his Administration is gone, disappeared, silenced?Why is it the only economic mouth piece for the president are political hacks from the campaign, and not an economist from the White House Council of Economic Advisors?And why is a multi-zillionaire from Omaha the only economist the president mentions?

Now I like Buffett and I lived in Omaha but he doesn't work for the president, he seldom talks to the president, and even he must be wondering after three years what in the heck is the kid doing in the White House?

About the Romney return, he may not be Buffett but he is definitely the richest candidate for president since John F. Kennedy and I am delighted we finally have a candidate for president who can't be bought because he has all the money he needs.

Obama, the Democrats and even the Republicans have been talking about the need for tax reform.So why has nothing been done for the last three years?As I recall, Obama and the Democrats had veto proof majorities the first two years, and controlled the White House and Senate all three years.So what is the problem?Probably the same problem as the fact the Democratic controlled Senate has not passed a federal budget for over 1000 days, sheer lunacy in these trying times.

Romney paid about $3 million in taxes and gave $3 million in charitable contributions in 2010, and did about the same in 2011.Like I said in an earlier article, he gave more to charity than all the other candidates and Obama combined.Virtually all his income came from investments, was not earned income under tax laws, so it was taxed at 15%.There is nothing in his return to raise any questions, only jealously from political and media pundits.

I would think the American dream would be for anyone to have been so successful in business that they make $21 million a year from investments, investments in many other companies in our country.Still, the Democrats will condemn it.For some reason "making it" in America is a bad thing.

As for Gingrich he may have more to explain than his super rich opponent.Newt made well over $1 million with a consulting contract with Freddie Mac, the agency behind the collapse of the housing market.While Freddie was driving more people into foreclosure than any time in our history to the tune of hundreds of billions of dollars in tax losses, Gingrich was walking away with over $1 million.

Now I agree with Obama on one thing, only the super rich can tell us how to fix the tax code.Obama has Buffett and I have Romney.The question we must ask is do you want someone outside the government making these monumental decisions like Buffett, or do you want someone in the presidency who has the knowledge and experience and works for the people of the United States?